Portugal: JESSICA evaluation study
... projects funded by JESSICA. At UDF level, as UDF managers or even as coinvestor will be able to assume the role of UDF managers and co-investors, and together with Public Entities, be an essential part in JESSICA‟s deployment. ...
... projects funded by JESSICA. At UDF level, as UDF managers or even as coinvestor will be able to assume the role of UDF managers and co-investors, and together with Public Entities, be an essential part in JESSICA‟s deployment. ...
Uncertainty in Executive Compensation and Capital Investment: A Panel Study
... variables from Forbes--permanent earnings, earnings uncertainty, and the percentage of stock owned by the CEO. Executive compensation includes salary and bonus payments and is reported each year for the 800 highest paid CEOs. In our empirical model below, we use both salary and bonus to create both ...
... variables from Forbes--permanent earnings, earnings uncertainty, and the percentage of stock owned by the CEO. Executive compensation includes salary and bonus payments and is reported each year for the 800 highest paid CEOs. In our empirical model below, we use both salary and bonus to create both ...
Hot debt market - Adverse selection costs as a debt issue driver
... the global financial market. In 2010, global nonfinancial corporate bond issuance amounted to USD 1.3 trillion (McKinsey Global Institute, 2011). Despite the lower media hype than equity financing with all the listing news, debt issuance market actually covers a substantial part of all the capital r ...
... the global financial market. In 2010, global nonfinancial corporate bond issuance amounted to USD 1.3 trillion (McKinsey Global Institute, 2011). Despite the lower media hype than equity financing with all the listing news, debt issuance market actually covers a substantial part of all the capital r ...
The Geography of Angel Investment
... distance and angel investment performance, measured by the annualized internal rate of return. In particular, holding all else constant, an increase in distance from the 25th percentile to the 75th percentile increases (or from 9.34km to 124km) the return to angel investment by 6 percentage points. ...
... distance and angel investment performance, measured by the annualized internal rate of return. In particular, holding all else constant, an increase in distance from the 25th percentile to the 75th percentile increases (or from 9.34km to 124km) the return to angel investment by 6 percentage points. ...
Venture Capitalists on the Seed Stage Arena
... Result: Several factors make seed stage investing unattractive compared to later stages. Important difficulties are higher risks, high costs for fund management, goal incongruence in the investor – venture capitalist relation and lack of bargaining power for seed venture capitalists. Environmental f ...
... Result: Several factors make seed stage investing unattractive compared to later stages. Important difficulties are higher risks, high costs for fund management, goal incongruence in the investor – venture capitalist relation and lack of bargaining power for seed venture capitalists. Environmental f ...
GENCORP INC (Form: SC 13D/A, Received: 10/26/2010 14:01:42)
... plans, and as general partner of various private investment partnerships. Certain of these entities may also make investments for their own accounts. The foregoing persons in the aggregate often own beneficially more than 5% of a class of equity securities of a particular issuer. Although several of ...
... plans, and as general partner of various private investment partnerships. Certain of these entities may also make investments for their own accounts. The foregoing persons in the aggregate often own beneficially more than 5% of a class of equity securities of a particular issuer. Although several of ...
What Difference Do Dividends Make?
... considerably higher returns with significantly less risk. From Table 1, the mean ex ante dividend yield for high-dividend-yield stocks is 4.289%, which is on par with what investors with liquidity needs (e.g., retirees) typically seek. That these stocks provide both attractive income and low risk le ...
... considerably higher returns with significantly less risk. From Table 1, the mean ex ante dividend yield for high-dividend-yield stocks is 4.289%, which is on par with what investors with liquidity needs (e.g., retirees) typically seek. That these stocks provide both attractive income and low risk le ...
Limitations of a Mutual Fund
... The U.S. mutual fund market, with $9.6 trillion in assets under management as of year-end 2008, remained the largest in the world, accounting for 51 percent of the $19.0 trillion in mutual fund assets worldwide (Figure 1.1). Investor demand for mutual funds is influenced by a variety of factors, not ...
... The U.S. mutual fund market, with $9.6 trillion in assets under management as of year-end 2008, remained the largest in the world, accounting for 51 percent of the $19.0 trillion in mutual fund assets worldwide (Figure 1.1). Investor demand for mutual funds is influenced by a variety of factors, not ...
Why Public-Private Partnerships Don`t Work
... • The private company gets paid over a number of years, either through charges paid by users (often called a concession), or by payments from the public authority, or a combination of both.* 1 The concept of PPPs was not used before the 1990s, but concessions have existed for many centuries. The pr ...
... • The private company gets paid over a number of years, either through charges paid by users (often called a concession), or by payments from the public authority, or a combination of both.* 1 The concept of PPPs was not used before the 1990s, but concessions have existed for many centuries. The pr ...
Smart Beta - A referential guide for institutional investors
... © 2014 Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A. Incorporated with limited liability in the U.S. Products and services provided by subsidiaries of Northern Trust Corporation may vary in different markets and are offered in accordance with local ...
... © 2014 Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A. Incorporated with limited liability in the U.S. Products and services provided by subsidiaries of Northern Trust Corporation may vary in different markets and are offered in accordance with local ...
Beyond their Borders Evolution of foreign investment by
... funds are, in fact, one of the most convenient vehicles for gaining exposure to international assets. In effect, they are highly regulated and more liquid than the majority of other investment products, and they have the ability to provide broad global representation while spreading risk across hund ...
... funds are, in fact, one of the most convenient vehicles for gaining exposure to international assets. In effect, they are highly regulated and more liquid than the majority of other investment products, and they have the ability to provide broad global representation while spreading risk across hund ...
Form ADV - Palisade Capital Management
... the affected Client proxy based on its Guidelines or specific Client restrictions, and Palisade will not be permitted to “override” the recommendation (as described above). When a non-material conflict occurs, Palisade’s Conflicts of Interest Committee will be permitted to “override” the recommendat ...
... the affected Client proxy based on its Guidelines or specific Client restrictions, and Palisade will not be permitted to “override” the recommendation (as described above). When a non-material conflict occurs, Palisade’s Conflicts of Interest Committee will be permitted to “override” the recommendat ...
Essays on Capital Structure Stability - cerge-ei
... leverage is defined as the sum of short-term and long-term debt over total assets. This measure does not take into account that some assets may be offset by specific non-debt liabilities, for example, an increase in the gross amount of trade credit leading to a narrow leverage reduction (Rajan and Z ...
... leverage is defined as the sum of short-term and long-term debt over total assets. This measure does not take into account that some assets may be offset by specific non-debt liabilities, for example, an increase in the gross amount of trade credit leading to a narrow leverage reduction (Rajan and Z ...
Are Share Repurchases and Dividends Substitute
... end of 2001, the top marginal rate on long-term capital gains was only 20%, while the top marginal rate on ordinary income was 39.6%. Moreover, share repurchases have the advantage of allowing investors to postpone the realization of capital gains and thus the payment of taxes. Knowing whether manag ...
... end of 2001, the top marginal rate on long-term capital gains was only 20%, while the top marginal rate on ordinary income was 39.6%. Moreover, share repurchases have the advantage of allowing investors to postpone the realization of capital gains and thus the payment of taxes. Knowing whether manag ...
Nordic High Yield Update
... There are some positives. Other non-Norwegian sectors such as industrials and consumer goods remain relatively less impacted. Moreover, in line with our argument that industries that benefit from the oil price decline lag those that do not, we continue to have a positive view on the transportation i ...
... There are some positives. Other non-Norwegian sectors such as industrials and consumer goods remain relatively less impacted. Moreover, in line with our argument that industries that benefit from the oil price decline lag those that do not, we continue to have a positive view on the transportation i ...
The relation between equity incentives and misreporting_ The role
... incentives to misreport, but rather, because such managers also have high vega. Our results also suggest that the effect of vega on misreporting is economically large and larger than many other determinants of misreporting. The theoretical and conceptual arguments for why equity incentives engender ...
... incentives to misreport, but rather, because such managers also have high vega. Our results also suggest that the effect of vega on misreporting is economically large and larger than many other determinants of misreporting. The theoretical and conceptual arguments for why equity incentives engender ...
Investing in CLOs - CION Investments
... the earliest days of the market. Analysts must still make judgments about the three key components of any CLO: portfolio, structure and manager. Each of these components presents a complex mix of risk and value that must then be evaluated holistically – in aggr ...
... the earliest days of the market. Analysts must still make judgments about the three key components of any CLO: portfolio, structure and manager. Each of these components presents a complex mix of risk and value that must then be evaluated holistically – in aggr ...
Why do foreign firms leave US equity markets?
... made deregistration easier. If there was any residual uncertainty about the benefits of deregistration for a firm, it would be resolved when that firm announced its intent to deregister. With the loss of competitiveness theory, the market should interpret such an announcement favorably. We examine 5 ...
... made deregistration easier. If there was any residual uncertainty about the benefits of deregistration for a firm, it would be resolved when that firm announced its intent to deregister. With the loss of competitiveness theory, the market should interpret such an announcement favorably. We examine 5 ...
Essays on information asymmetry and the firm
... firms. The intuition is as follows. Given asymmetric information can lead to misvaluation, and recognizing that undervalued (but not overvalued) firms will conduct OMRs renders the empirical prediction that the shareholder wealth effect to OMR announcements should increase in the degree of a firm’s ...
... firms. The intuition is as follows. Given asymmetric information can lead to misvaluation, and recognizing that undervalued (but not overvalued) firms will conduct OMRs renders the empirical prediction that the shareholder wealth effect to OMR announcements should increase in the degree of a firm’s ...
Deactivating Active Share
... Exhibit 2 — Active Share Correlates With Benchmark Type and Benchmark Alphas. For each benchmark index we compute that benchmark’s four-factor alpha (the intercept in the regression of benchmark returns over risk-free rate on market, size, value and momentum factors) and plot it against the average ...
... Exhibit 2 — Active Share Correlates With Benchmark Type and Benchmark Alphas. For each benchmark index we compute that benchmark’s four-factor alpha (the intercept in the regression of benchmark returns over risk-free rate on market, size, value and momentum factors) and plot it against the average ...
Proceedings of 7th Annual American Business Research Conference
... shareholders of to-be-delisted firms have a strong incentive to use their private information at the expense of outside investors in the Japanese market. There have been a few empirical studies on delisting in the U.S. market, which document that the delisting decision has a significant negative eff ...
... shareholders of to-be-delisted firms have a strong incentive to use their private information at the expense of outside investors in the Japanese market. There have been a few empirical studies on delisting in the U.S. market, which document that the delisting decision has a significant negative eff ...
CTAs: Shedding light on the black box
... derivatives of price such as volatility) to extract returns from markets. While CTAs as a strategy have been in existence since the 1970s, their stellar positive performance during the 2008 crisis attracted the attention (once again) of the investment community. This recent focus by allocators on th ...
... derivatives of price such as volatility) to extract returns from markets. While CTAs as a strategy have been in existence since the 1970s, their stellar positive performance during the 2008 crisis attracted the attention (once again) of the investment community. This recent focus by allocators on th ...
Financing Patterns of European SMEs
... Management at the University of Trier. This EIF Working Paper is one result of the successful cooperation. A follow-on project, building on the findings of the presented analysis and financially supported by the EIB Institute under the Knowledge Programme, is scheduled to start soon. Even though res ...
... Management at the University of Trier. This EIF Working Paper is one result of the successful cooperation. A follow-on project, building on the findings of the presented analysis and financially supported by the EIB Institute under the Knowledge Programme, is scheduled to start soon. Even though res ...
Extending the Resource-Based View to Explain Venture Capital
... Data constraints limited the number of observations examined, and the selection of IPOs investigated displayed little variance. Thus, explaining additional abnormal performance variance in IPOs backed by NVCA-member venture capital firms above and beyond that controlled for by economic-based theory ...
... Data constraints limited the number of observations examined, and the selection of IPOs investigated displayed little variance. Thus, explaining additional abnormal performance variance in IPOs backed by NVCA-member venture capital firms above and beyond that controlled for by economic-based theory ...
Eron Mortgage Study
... and he said everything looks okay. So we went to one of those speeches, and I said, well let’s try one project, and it paid off for about 4 months, and more and more….That’s how they get you – they draw you right in. It’s the biggest con you ever saw. — AN ERON INVESTOR In the summer of 1920 Charles ...
... and he said everything looks okay. So we went to one of those speeches, and I said, well let’s try one project, and it paid off for about 4 months, and more and more….That’s how they get you – they draw you right in. It’s the biggest con you ever saw. — AN ERON INVESTOR In the summer of 1920 Charles ...
Private equity in the 2000s
Private equity in the 2000s relates to one of the major periods in the history of private equity and venture capital. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel although interrelated tracks.The development of the private equity and venture capital asset classes has occurred through a series of boom and bust cycles since the middle of the 20th century. As the 20th century ended, so, too, did the dot-com bubble and the tremendous growth in venture capital that had marked the previous five years. In the wake of the collapse of the dot-com bubble, a new ""Golden Age"" of private equity ensued, as leveraged buyouts reach unparalleled size and the private equity firms achieved new levels of scale and institutionalization, exemplified by the initial public offering of the Blackstone Group in 2007.